Retirement planning involves navigating various savings vehicles and investment options, along with important factors like inflation, Social Security benefits, longevity, and healthcare expenses. It can feel overwhelming, especially if you’re unsure where to begin.
The good news? You don’t have to do it alone. Our Retirement & Investment Services team is here to help simplify the process. We’ll work with you to alleviate the stress of planning for retirement and empower you to take actionable steps toward a secure financial future.
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Reimagine Your Retirement: A Fresh Look at Your Financial Strategy
Our team of financial professionals is here to help you find your number and answer the crucial question: “How much should I save for retirement?” While a common benchmark is to aim for 75-80% of your pre-retirement income, your individual needs may vary. It’s essential to consider your lifestyle plans and potential income sources to determine what’s right for you—and we can help!
- Review your overall financial strategy for retirement
- Decide whether a traditional IRA or Roth IRA is best for you
- Invest 401(k) funds, consolidate 401(k)s or roll a 401(k) into an IRA
- Understand your Social Security benefit options
- Decide the right time to withdraw Social Security benefits
Which IRA is right for you?
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Traditional IRA
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Roth IRA
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Pay taxes later and invest more now.
A Traditional IRA allows you to save pre-tax income, enabling your investments to grow tax-deferred. You’ll pay taxes on the funds when you withdraw them, based on your current income tax rate. Plus, contributions may be tax-deductible.
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Contribute after-tax funds now to avoid taxes later.
Withdrawals from Roth IRAs in retirement are tax-free. Contributions are made with after-tax dollars and are not tax-deductible.
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Who Can Open One
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Practically anyone can open and contribute to a Traditional IRA, as long as you have taxable compensation, according to IRS guidelines.
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Roth IRAs are available to individuals with incomes below certain IRS limits. Contributions can be made at any age, but contribution limits vary based on your age.
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Benefits
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Your income is invested in savings instead of being taxed upfront.
You may find yourself in a lower tax bracket when you make withdrawals.
Withdrawals can be made penalty-free starting at age 59½.
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Qualified withdrawals in retirement are tax-free.
You can withdraw your original contributions at any time without penalty.
If the account has been open for at least 5 years, qualified tax-free distributions may include funds for a first home purchase, education, or medical expenses.
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More retirement planning services
401(K) CONSULTATION
Invest, consolidate, or roll over your 401(k).
Changing jobs or seeking new opportunities can be overwhelming, especially when it comes to your 401(k) funds. Our experienced Advisors are here to guide you through your options—whether you want to spend, transfer, or roll over your 401(k) into an IRA. Once you’ve made an informed decision, we’ll help you execute your plan. We can also recommend investment options tailored to your 401(k).
SOCIAL SECURITY CONSULTATION
Plan for your Social Security benefits.
Did you know that you don’t have to start your Social Security benefits immediately upon retirement? We can assist you in strategizing the best time to begin receiving these important benefits, helping you maximize your retirement goals.
Empower Your Financial Future
Empower your financial future with smart tax strategies designed to maximize your investment returns and minimize liabilities. Leverage gifting as a strategic tool to build your legacy, ensuring your wealth transfer aligns with your values. Let us help you get started with our personalized approaches!
Optimize Your Wealth with Smart Tax Strategies
Maximize your investment returns with tailored tax strategies that enhance your financial growth. Our expert insights help you navigate tax implications, minimize liabilities, and keep more of your hard-earned money. Whether planning for retirement or growing your portfolio, our strategies empower you to make informed decisions.
Enhance Your Legacy with Smart Gifting Strategies
Leverage gifting as a strategic investment tool to build your legacy. Our guidance helps you navigate tax-efficient gifting options, allowing you to transfer wealth while maximizing impact. Whether supporting loved ones or charitable causes, our strategies ensure your gifts align with your values and financial goals.
Explore Your Retirement Savings Options
Maximize Your Future with Our IRA Savings Accounts
At The Summit, we offer a variety of retirement savings accounts, including Traditional IRAs, Roth IRAs, and IRA certificates.
Start planning for your future today!
Contact The Summit Retirement & Investment Services
We’re here to help – please fill out the form with the best way to reach you; or if you prefer, contact us by phone at (585) 453-7230.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. The Summit Federal Credit Union and The Summit Retirement and Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using The Summit Retirement and Investment Services, and may also be employees of The Summit Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, The Summit Federal Credit Union or The Summit Retirement and Investment Services. Securities and insurance offered through LPL or its affiliates are:
Not Insured by NCUA or Any Other Government Agency | Not Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value
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The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.
